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Elon Musk’s Net Worth Takes $20 Billion Nosedive After Saturday Night Live Appearance

by : Niamh Shackleton on : 14 May 2021 11:45
Elon Musk's Net Worth Takes $20 Billion Nosedive After Saturday Night Live AppearancePA Images/Saturday Night Live/YouTube

Elon Musk’s net worth has plummeted $20 billion following his hosting gig on Saturday Night Live.

The multibillionaire appeared on the hit comedy show last Saturday, May 8, and, while he was applauded for parts of the show, such as his opening speech where he revealed he has Asperger’s, it appears as if Musk came out financially worse off for the feature.

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It’s reported his net worth has since dropped to $145.5 million as of yesterday, May 13. He’s also dropped to third place on Forbes’ World Billionaire List; when the list was first published last month, he was in second place behind Amazon CEO Jeff Bezos.

Elon Musk on SNL (PA Images)PA Images

The drop in the 49-year-old’s wealth comes as his SNL gig saw Tesla stocks drop by 15%, Forbes reports.

That’s not the only damage his appearance on the skit show did, however; after Musk joked that Dogecoin was simply a ‘hustle’, the digital coin plummeted in value.

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Dogecoin’s value was sitting strong at around $0.70 before SNL aired, The Independent reported, before it dropped by 24% to $0.49 in the first hour of the show.

This proved unusual as, typically whenever Musk mentions Dogecoin, usually via Twitter, the price on the meme-inspired cryptocurrency skyrockets.

Elon Musk wearing face mask (PA Images)PA Images

It’s evident that Musk has a huge influence on the cryptocurrency world as, after the Tesla founder announced that the company would no longer be accepting Bitcoin until the digital coin became more sustainable, the price of Bitcoin dropped below $50,000 yesterday, May 13, according to CNBC.

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Despite Musk’s recent net worth hit, it’s likely the SpaceX founder will bounce back quite quickly. In March, Musk lost $27 billion in the space of a week, but this later went up again.

Even at his current worth of $145.5 billion, the 49-year-old is still a staggering $110 billion richer than he was this time last year, Forbes reports.

Dogecoin coin (PA Images)PA Images

Meanwhile, Dogecoin’s value has already begun to bounce back after Musk tweeted about it yesterday, May 13. He wrote, ‘Working with Doge devs to improve system transaction efficiency. Potentially promising [sic]’.

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As of the early hours of this morning, May 14, Dogecoin was up more than 36% in price.

This also came in the wake of Coinbase’s announcement, in which CEO Brian Armstrong stated that Dogecoin will be available to exchange on the cryptocurrency exchange platform in six to eight weeks time.

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Niamh Shackleton

Niamh Shackleton is a pint sized person and journalist at UNILAD. After studying Multimedia Journalism at the University of Salford, she did a year at Caters News Agency as a features writer in Birmingham before deciding that Manchester is (arguably) one of the best places in the world, and therefore moved back up north. She's also UNILAD's unofficial crazy animal lady.

Topics: Celebrity, Dogecoin, Elon Musk, Net Worth, Now, Saturday Night Live, SNL, Tesla

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Forbes and 1 other
  1. Forbes

    Elon Musk Is $20 Billion Poorer Since Hosting ‘Saturday Night Live’

  2. CNBC

    CNBC Pro Elon Musk’s bitcoin backtrack could make Tesla shares even more volatile, Wedbush says